Unveiling a new sweeping tax plan, U.S. President Donald Trump says it will benefit middle class workers the most and simplify the tax code. (Sept. 27)
WASHINGTON â At a speech Wednesday in Harrisburg, Pa., President Trump will showcase a faction of American workers he says will benefit from his proposed tax plan: U.S. truckers.
They’ll be standing behind Trump at a rally as he tries to cast hisÂ tax plan as a boon to the middle class â even as the nonpartisan Tax Policy Center says those with the very highest incomes would receive the biggest tax cuts.Â
âNothing gets done in America without the hard working men and women of the trucking industry,â Trump will say in his speech, according toÂ an administration official who briefed reporters on condition of anonymity.Â âWhen your trucks are moving America is growing â¦ That is why my administration is taking historic steps to remove the barriers that slow you down.â
In his speech, the president will also make a new claim, according to the official: That the typical American household could see a salary raise of $4,000 on average from a provision encouraging major U.S. companies to bring back â or repatriate â profits currently stored overseas.
The official did not provide any details about the calculation behind Trump’s claim.Â Â
Trump often speaks about bringing back trillions of dollars that U.S. companies are believed to keep overseas, and has floated a one-time low tax rate on those corporate profits.Â In a Forbes interview released this week, Trump said he believes his tax plan will lower the deficit. “This is going to bring $3 trillion dollars back,” he said, noting that “the offshore money” will help achieve this goal.Â
In a recent speech, Kevin Hassett,…